Summary of Gold Royalty Corporation Conference Call Company Overview - **Company Name**: Gold Royalty Corporation (GROY) - **Trading Symbol**: GROY on NYSE American - **Founded**: Five years ago, went public in March 2021 - **Initial Capital Raised**: USD 90 million at IPO with a share price of $5 [4][3] - **Current Portfolio**: Approximately 250 royalties, with 7 cash-flowing and 14 in various stages of development [5][6] Key Financial Highlights - **Revenue Growth**: Projected gold equivalent ounce growth of 360% over the next five years [5][6] - **Free Cash Flow**: First year of positive free cash flow in history; expected to grow significantly [6][38] - **G&A Costs**: Reduced to $7-8 million per annum, down from $10 million due to synergies from acquisitions [25][26] - **Projected Revenue**: Anticipated revenue of nearly $90 million by the end of the decade at current gold prices [25][24] Growth Strategy - **Acquisitions**: Successfully executed a roll-up strategy, acquiring three companies and significantly diversifying the royalty portfolio [5][17] - **Organic Growth**: Generated over 70 royalties for free through staking exploration claims [19][21] - **Production Increase**: Expected increase from 6,000 to nearly 30,000 gold equivalent ounces by 2029 [22][23] Market Position and Competitive Advantage - **Royalty Model**: Provides capital to mine operators and receives a percentage of gross revenue, insulated from operating costs and inflation [8][10] - **Diversification**: Portfolio includes royalties from three of the five largest gold mines in North America [22][29] - **Management Experience**: Management team has extensive industry experience, enhancing risk evaluation and opportunity identification [15][16] Industry Context - **Gold Price Dynamics**: Historical increase in gold prices; expected to continue due to global debt levels and inflationary pressures [49][52] - **Market Consolidation**: Anticipated further consolidation in the royalty sector, creating opportunities for mid-tier players [30][31] Future Outlook - **Debt Management**: Expected to be debt-free by 2026 due to free cash flow generation and convertible debenture conversion [41][42] - **Shareholder Returns**: Plans to return capital to shareholders through buybacks or dividends once financial position stabilizes [54][55] - **Production and Cost Structure**: Focus on large-scale operations with economies of scale, mitigating cost inflation risks [56][57] Additional Insights - **Jurisdictional Focus**: Over 80% of the portfolio is in top-rated jurisdictions (Nevada, Quebec, Ontario) with low political and regulatory risks [33][34] - **Long-term Viability**: The royalty model allows for perpetual ownership of royalties, providing long-term cash flow potential [11][12] This summary encapsulates the key points discussed during the Gold Royalty Corporation conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $294 million for the second quarter, exceeding consensus estimates [11] - Adjusted free cash flow for the quarter was $99 million, with a netback margin of approximately $35 per barrel of oil equivalent [12] - Capital expenditures (CapEx) for the second quarter were $126 million, with an additional $29 million spent on plugging and abandonment activities [12] - The leverage ratio improved to 0.7 times, and cash balance increased by 75% from the first quarter to $357 million [13][31] Business Line Data and Key Metrics Changes - Second quarter production averaged 93,300 barrels of oil equivalent per day, with oil comprising 69% of total production [11] - The company aims to generate an additional $100 million in free cash flow annually starting in 2026, with $25 million expected in 2025 [7][14] Market Data and Key Metrics Changes - The company is focused on high-margin projects in the Gulf of America and is evaluating opportunities in other deepwater basins [8] - The current hedge portfolio has a mark-to-market value of $56 million as of June 30, providing cash flow stability [30] Company Strategy and Development Direction - The company has outlined a corporate strategy with three pillars: continuous improvement, growth through high-margin projects, and building a portfolio with scale and longevity [7][8] - The focus is on capital discipline, operational excellence, and free cash flow generation to enhance shareholder value [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic resilience of key projects, which are estimated to break even at an average oil price of $35 per barrel [27] - The company is optimistic about the increasing role of offshore and deepwater in meeting global energy needs [33] Other Important Information - The company repurchased 3.8 million shares for $33 million, totaling $100 million in repurchases under the program [13][32] - A non-cash impairment of $224 million was recorded due to historical non-productive capital expenditures [26] Q&A Session Summary Question: Free cash flow priorities with leverage at 0.7 times - Management emphasized a capital discipline framework, balancing investments in the business while maintaining a strong balance sheet and returning cash to shareholders [36][37] Question: Decision to maintain the West Vella rig - The West Vella rig was retained due to its outstanding performance and cost advantages, allowing for efficient execution of projects [40][42] Question: Update on Zama project and potential operatorship - The transaction related to Zama is expected to close by the end of the third quarter, with ongoing collaboration with Pemex to progress the project [46][48] Question: Acquisition targets and market state for deepwater offshore - Management is exploring various opportunities in the Gulf of America and internationally, with a positive outlook for deepwater investments [51][53] Question: Impact of new regulations on organic growth plans - New regulations are seen as positive, with plans to actively participate in upcoming lease sales in the Gulf of Mexico [57][58] Question: Near-term targets for the $100 million savings plan - Focus areas include capital efficiency, commercial opportunities, and supply chain optimization to achieve the savings target [72][74] Question: Cadence of incremental share repurchases - The company plans to continue share repurchases, targeting up to 50% of annual free cash flow, with a quarterly run rate of around $33 million [75][76] Question: Details on the shutdown of Sunspear and Marmalade Greenfield - The Sunspear well was shut in due to a safety valve failure, with repairs planned to be completed within 30 days [82][93]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported revenue of $687 million, a decrease of 1% year on year [19] - Normalized adjusted EBITDA increased by 6% year on year, with a normalized adjusted EBITDA margin improvement of approximately 120 basis points to around 19% [21] - Total debt was reduced by over $1 billion, or nearly 20%, and the company expects to reduce year-end 2025 net leverage by approximately 50% compared to year-end 2023 [7][25] Business Line Data and Key Metrics Changes - Air distribution bookings declined by 1% year on year, with growth strategies contributing eight points of growth offset by a nine-point decline in the base business [8][9] - Hotel distribution bookings grew by 2% in the quarter, with the attachment rate to air bookings improving by 100 basis points to 34% [10] - In IT Solutions, passengers boarded increased by 1% year on year, contributing to normalized adjusted EBITDA growth of 6% [11] Market Data and Key Metrics Changes - The operating environment remains challenging, particularly affecting air distribution bookings, which fell short of expectations [8] - The GDS industry experienced a decline in corporate bookings relative to leisure, impacting overall GDS volumes [9] - The company has a higher exposure to corporate and government travel, which has underperformed compared to leisure travel [41][62] Company Strategy and Development Direction - The company is focused on generating free cash flow and deleveraging the balance sheet while driving sustainable growth through innovative technology solutions [5][18] - The transformation into a modern, open travel marketplace is underway, with significant progress in multi-source content and NDC connections [12][55] - The company anticipates a six-month delay in launching a new multi-source low-cost carrier solution due to execution delays [16][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the incremental industry weakness observed in June and July, leading to a revised outlook for air distribution bookings growth [14][15] - The company expects the GDS industry trends to stabilize over time, despite current challenges [14] - Management remains optimistic about the long-term growth potential, citing strong demand for new business initiatives [18][60] Other Important Information - The company closed the sale of its Hospitality Solutions business on July 3, 2025, with proceeds primarily used to pay down debt [22][25] - Pro forma free cash flow was reported as negative $2 million for the quarter, with cash on the balance sheet exceeding $600 million post-sale [22][25] Q&A Session Summary Question: Why was the prior guidance so optimistic given the consistent headwinds? - Management noted that while growth strategies remained constant, market conditions changed, leading to a more cautious outlook [34][35] Question: Is the middle scenario of guidance considered the base case? - Management indicated that they have not provided a weighting on the scenarios but believe the current trading environment aligns more with the middle scenario [36][37] Question: What factors are causing the decline in GDS bookings? - Management highlighted that corporate travel impacts GDS bookings more significantly than leisure travel, and current market conditions are temporary rather than structural [40][41] Question: What is the strategy for NDC agreements and growth? - The company has 38 live NDC connections and is focused on integrating various content types to enhance its offerings [54][67] Question: How does the company expect to manage operating costs moving forward? - Management emphasized strong cost discipline and anticipated reductions in technology expenses due to ongoing transformation initiatives [47][49]

Financial Data and Key Metrics Changes - The company has achieved over 60% growth in both net proved reserves and net production since 2020, while increasing oil percentage and production margins [5][6] - Share count remained flat, resulting in no dilution, and leverage was reduced by more than a full turn since 2020 [6] Business Line Data and Key Metrics Changes - The Uinta Basin showed significant quarter-over-quarter growth in production, with strong performance from wells leading to high production levels [10][11] - The company is adding 10 net wells to the drilling program, with a total cost of approximately $75 million, primarily associated with non-operated projects [14][15] Market Data and Key Metrics Changes - The company is focused on optimizing logistics and takeaway from the Price River Terminal, which has resulted in record volumes being moved [58][60] - The marketing team is actively working to maximize realizations based on demand and transportation costs, particularly between Salt Lake City and Houston [68] Company Strategy and Development Direction - The company aims to continue accessing underappreciated assets and applying technical skills to grow shareholder value [6] - There is a focus on free cash flow generation and maintaining a stable rig count across various assets [29][30] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about natural gas due to the ability to develop supply quickly, but sees potential for structural demand changes in the future [62][63] - The company plans to evaluate its operations and adjust based on commodity prices, aiming for a flattish production profile with reduced CapEx year-over-year [29][30] Other Important Information - The company has a $500 million share buyback program authorized by the Board, indicating potential opportunistic buybacks in the future [36] Q&A Session Summary Question: Cash tax obligations for 2026 and beyond - Management indicated that cash tax obligations for 2026 would likely remain similar to current levels, depending on commodity prices [8][9] Question: Uinta production capacity and performance - Management expressed optimism about Uinta production, noting strong performance and the expectation of continued success [10][11] Question: Capital expenditures in Q4 - Management confirmed that capital expenditures are expected to decrease in Q4 [19] Question: Sustainability of Uinta performance - Management believes the performance in Uinta is sustainable and sees potential for inventory expansion [33][34] Question: Shareholder returns and leverage targets - Management is close to achieving leverage targets and may opportunistically engage in share buybacks if market conditions are favorable [36][38] Question: Uinta program focus and future plans - Management confirmed that the majority of this year's program has focused on the lower cube, with plans to evaluate other zones in the future [42][43] Question: Basis outlook for Uinta - Management noted that basis for Uinta is challenging to predict due to varying sales locations and transportation costs [67][68] Question: Increased non-operated budget - Management explained that the increased non-operated budget reflects better visibility on projects and strong returns from participation [70][71]

Melrose Industries PLC Half Year Results Six months ended 30 June 2025 1 August 2025 Disclaimer This presentation has been prepared by or on behalf of Melrose Industries PLC ("Melrose"). The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) the presentation to which this document relates or by reading the presentation slides, you will be taken to have represented, warranted and undertaken that you have read a ...

Financial Data and Key Metrics Changes - The company reported second quarter revenue of $308 million, an increase compared to the prior year quarter due to higher gold prices and sales, slightly offset by lower copper prices and sales [18] - Cash generated from operations before working capital adjustments was $161 million or $0.20 per share for the quarter, higher than the prior year period [18] - The company achieved a record quarterly free cash flow of $63 million, driven by higher revenue [18] - Net earnings for the second quarter were approximately $68 million or $0.09 per share, with adjusted net earnings of $90 million or $0.11 per share [19] Business Line Data and Key Metrics Changes - Gold production for the second quarter totaled approximately 78,600 ounces, with copper production at 13.5 million pounds, reflecting a planned increase in feed grade at Rainy River [6][11] - New Afton achieved an all-in sustaining cost of negative $537 per ounce after considering copper credits, while Rainy River's all-in sustaining costs were $16.96 per ounce [12][14] - Rainy River generated a quarterly record of $45 million in free cash flow, with production in June reaching over 37,300 ounces at an average grade of 1.44 grams per tonne [17][18] Market Data and Key Metrics Changes - Gold production for the first half of the year was about 38% of the midpoint of the consolidated production guidance range of 325,000 to 365,000 ounces [7] - The company expects to generate significant free cash flow over the next three years, with projections of approximately $1.86 billion at current consensus commodity prices [23] Company Strategy and Development Direction - The company is focused on achieving its 2025 production and cost guidance while maintaining a strong emphasis on health and safety [24] - Exploration efforts are being increased at both New Afton and Rainy River, with a combined investment of $30 million for 2025 targeting further reserve replacement [25] - The company aims to consolidate its assets and evaluate opportunities for mergers and acquisitions that align with its strategic objectives [36][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its stated strategic goals and generate meaningful value for shareholders [25] - The company anticipates a smooth transition to primary C zone mining at New Afton, with expectations of increased throughput and grade [41] - Management remains vigilant in evaluating acquisition opportunities while prioritizing organic growth [44][46] Other Important Information - The company has cash on hand of $226 million and a liquidity position of $452 million at the end of Q2 [19] - A gold prepayment agreement was entered into, committing to deliver approximately 2,770 ounces of gold per month at an average price of $3,157 per ounce [20] Q&A Session Summary Question: Can you provide additional color on the split in production between Q3 and Q4 of 2025? - Management indicated that production is expected to be consistent across both quarters, with Rainy River generating the majority of cash due to planned production increases [28][29] Question: Do you expect to replace reserves in 2025? - The company aims to increase end-of-year resources and convert inferred resources to reserves, particularly at New Afton and Rainy River [30][32] Question: What are the capital allocation priorities regarding buybacks and dividends? - Management stated that shareholder returns are a focus, with plans to evaluate buybacks and dividends as free cash flow increases towards the end of the year [34][36] Question: Can you clarify the transition to primary C zone mining at New Afton? - Management confirmed that the transition is expected to be smooth, with the B3 zone extending the mine life of C zone and not affecting production guidance [40][41] Question: What is the grade profile expected for the second half of the year? - The company expects a similar high-grade profile in the second half, aligning with production guidance [58][61]

Core Viewpoint - Crown Castle (CCI) has announced a significant reduction in its quarterly cash dividend, reflecting a strategic move to enhance financial flexibility and free cash flow generation amid ongoing changes in its Fiber segment [1][2]. Dividend Announcement - The board of directors declared a quarterly cash dividend of $1.0625 per share, which is a 32.1% decrease from the previous payout of $1.565 per share [1]. - The new dividend will be paid on June 30, 2025, to shareholders of record as of June 12, 2025 [1]. Financial Implications - The annualized dividend payout at the new rate amounts to $4.25 per share, resulting in an annualized yield of 4.19% based on the stock's closing price of $101.52 on May 21, 2025 [2]. - This reduction in dividend is part of the company's strategy to improve free cash flow and financial flexibility, particularly in light of the Fiber segment sale [2]. Historical Context - Crown Castle has only increased its dividend three times in the last five years, raising concerns about the sustainability of its dividend payments [4]. - The company’s shares have gained 9.6% over the past three months, contrasting with a 2% decline in the industry [4]. Comparative Analysis - Other REITs such as VICI Properties and W.P. Carey are highlighted as better-ranked stocks within the sector, with Zacks Rank 2 (Buy) [5]. - The consensus estimate for VICI's 2025 FFO per share has increased to $2.34, while WPC's estimate has been revised upward by 1% to $4.88 [5].

Financial Data and Key Metrics Changes - In Q2, net sales decreased by 6%, while organic net sales decreased by 4.6% when excluding unfavorable foreign exchange impacts [21][36] - Adjusted EBITDA was $71.3 million, a decline of $24 million compared to the previous year, excluding investment income [23][36] - Gross margins decreased by 60 basis points to 37.5%, driven by lower volume, higher trade promotions, and inflation [23][36] Business Line Data and Key Metrics Changes - Global Pet Care reported a 7.1% decrease in net sales, with organic sales down 6.3%, primarily due to softness in the companion animal and aquatics categories [41][42] - Home and Garden net sales decreased by 5.2%, attributed to timing shifts and retailer inventory builds [47][50] - Home and Personal Care saw a 5.1% decrease in reported net sales, with organic net sales down 2.2% due to softness in North America [54][56] Market Data and Key Metrics Changes - Consumer sentiment in the U.S. weakened, impacting category growth, with consumers seeking value amid economic uncertainty [22][24] - EMEA organic sales for Global Pet Care grew mid-single digits, while North American sales declined low double digits [42][43] - Latin America experienced low double-digit growth in organic net sales, driven by distribution wins and new product launches [57] Company Strategy and Development Direction - The company is focused on protecting its balance sheet and generating free cash flow, targeting approximately $160 million for the year [25][62] - Plans to transition sourcing out of China are underway, with expectations to have minimal exposure by the end of the fiscal year [12][71] - The company aims to leverage its strong balance sheet for potential acquisitions in the pet category, positioning itself as a consolidator in the market [28][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current tariff environment and emphasized the importance of maintaining liquidity and a strong balance sheet [19][70] - The company anticipates that the challenges related to tariffs will be resolved in the coming quarters, particularly for the Global Pet Care and Home and Garden segments [70][72] - Management remains optimistic about future growth opportunities despite current economic volatility [74] Other Important Information - The company repurchased approximately 3.2 million shares year-to-date, returning over $1.28 billion to shareholders since the HHI transaction [32][33] - Adjusted diluted EPS decreased to $0.68, driven by lower adjusted EBITDA and operating income [37][60] Q&A Session Summary Question: Any areas where you see yourself competitively advantaged versus your peers given the new landscape? - Management indicated that while the playing field is level, the company's scale and strong brand presence provide a competitive advantage in securing supply outside of China [79][82] Question: How is the company positioned to handle the current tariff situation? - Management highlighted that the company is well-prepared to transition sourcing and expects to have minimal exposure to China in the near future, which is seen as a competitive advantage [79][80]

Financial Data and Key Metrics Changes - The company removed approximately $150 million of capital expenditures (CapEx) compared to 2024, focusing on capital discipline and lower reinvestment rates [7] - The company aims to achieve a year-end 2025 net debt target of $4.5 billion, which remains unchanged [10] - The company has expanded its hedge position and is now nearly 50% hedged on crude oil for the remainder of the year, with hedge positions valued at nearly $200 million [10] Business Line Data and Key Metrics Changes - Production volumes in the first quarter were slightly lower than expectations, primarily due to low activity levels at the end of the previous year and the start of 2025 [13] - The company expects oil production to grow by 5% in the second quarter, led by growth in the Permian Basin [13] - In the Permian, the team is drilling 10% faster than expected, and there was a 5% sequential increase in throughput in the Midland Basin [14] Market Data and Key Metrics Changes - The company is experiencing significant uncertainty in the global economy and the oil price environment, which could impact service costs [7][10] - The company is not planning to be price takers in the divestment process, indicating a focus on maximizing asset value [11] Company Strategy and Development Direction - The company is prioritizing sustainable free cash flow and has announced a comprehensive cost optimization plan to generate an additional $100 million of annual free cash flow [8] - The focus is on protecting and strengthening the balance sheet to sustain shareholder returns over the long term [10] - The company is not planning to make acquisitions in the asset market for the foreseeable future, focusing instead on execution and optimization of existing assets [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year outlook but acknowledged the need to adjust activity levels if market conditions deteriorate further [8][20] - The company is prepared to reduce capital expenditures and activity levels if oil prices remain low [22][46] - Management emphasized the importance of maintaining flexibility to respond to changing market conditions [16] Other Important Information - The company completed its existing 10b5 share repurchase program, buying back nearly 2% of its outstanding shares [12] - Operational challenges in the Permian due to contracted water takeaway elevated first-quarter costs, but the company plans to pursue cost recovery [15] Q&A Session Summary Question: Comfort level executing on production and free cash flow ramp for the rest of 2025 - Management expressed confidence in the production growth plan, with a strong second half expected, despite some first-quarter challenges due to weather [20] Question: Response if oil prices fall below $55 - The first cuts would be completion-related, followed by drilling dollars, while maintaining some productive capacity [24] Question: Trends in operating expenses and LOE expectations - LOE was above expectations due to contractor issues, but management expects costs to decline in the second half of the year as water volumes peak [30][32] Question: Confidence in achieving $300 million asset sale target - Management remains confident in achieving the target through non-producing assets and infrastructure, despite challenging market conditions [33] Question: Priorities in the uncertain macro environment - The top priority is to hit the $4.5 billion debt target, but management will not sacrifice asset value to achieve this [37] Question: Flexibility to alter trajectory to hit debt target if oil prices are low - Management indicated that they have multiple levers to adjust, including cost reductions and potential CapEx adjustments [44][46] Question: Operational focus in the Delaware - The company is enhancing returns by extending laterals and targeting known zones with high returns [48][49] Question: DJ volumes and second-quarter trends - DJ volumes were down due to a lack of TILs and weather impacts, but management expects growth to resume in the third quarter [55][56] Question: Changes in oilfield service costs - Management is seeing opportunities to negotiate lower costs due to reduced activity in the market, which should help manage overall costs [61][62]

Financial Data and Key Metrics Changes - Devon Energy reported core earnings of $779 million or $1.21 per share, with EBITDAX at $2.1 billion and operating cash flow of $1.9 billion, exceeding consensus estimates [14][15] - The company generated $1 billion in free cash flow for Q1, marking the highest level since Q3 2022, and returned nearly half to shareholders through dividends and share buybacks [9][15] - Cash balances increased by $388 million, reaching $1.2 billion, resulting in a net debt to EBITDA ratio of one times [18] Business Line Data and Key Metrics Changes - Oil production exceeded guidance, reaching 388,000 barrels per day, attributed to strong performance in the Rockies and Eagle Ford [7][14] - The Delaware Basin showed exceptional performance with a 12% increase in completion efficiencies year to date and a 7% increase in drilling speeds [10] - In the Eagle Ford, Devon achieved a nearly 50% reduction in costs following the dissolution of the partnership with BPX, with expected savings of $2.7 million per well [12][13] Market Data and Key Metrics Changes - Devon increased its full-year oil production outlook to a range of 382,000 to 388,000 barrels per day, reflecting a 1% increase from previous estimates [16] - The company is well-positioned to generate over $2 billion in free cash flow for the remainder of the year, with a corporate breakeven at around $45 WTI [16][18] Company Strategy and Development Direction - Devon's strategic priorities include operational excellence, maintaining financial strength, and returning value to shareholders, with a focus on business optimization to generate an additional $1 billion in annual free cash flow by year-end 2026 [4][5] - The company plans to reduce full-year capital investment by $100 million to a range of $3.7 billion to $3.9 billion, driven by better performance and capital efficiencies [17] - Devon aims to enhance operating margins and capital efficiency through targeted actions, including lowering drilling and completion costs and renegotiating contracts [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate commodity price cycles and emphasized the importance of operational consistency in decision-making [5][76] - The leadership team is closely monitoring market dynamics and is prepared to adjust plans to maintain financial strength and deliver top-tier returns [7][78] - Management indicated that while they are not currently making cuts in response to weaker oil prices, they are prepared to reevaluate plans if prices fall into the low $50s [76][78] Other Important Information - Devon's business optimization plan is expected to deliver $1 billion in pretax free cash flow improvements by year-end 2026, with a focus on capital efficiency, production optimization, and corporate cost reductions [21][24] - The company has reached an agreement to sell its interest in the Matterhorn pipeline for approximately $375 million, which will enhance cash position and liquidity [18] Q&A Session Summary Question: Can you unpack the cost reductions discussed in slides ten and eleven? - Management highlighted confidence in achieving cost reductions, particularly in commercial opportunities due to renegotiated contracts that will take effect in 2026 [28][31] Question: Can you clarify the impact of lower GP and T rates in the Delaware? - Management indicated that legacy contracts have been renegotiated, significantly reducing costs, which will materially benefit the overall business [44][46] Question: What are the incremental midstream investments that could be subject to future monetization? - Management stated that they are evaluating midstream assets for potential monetization, emphasizing a holistic approach to asset management [48][49] Question: How is technology being integrated into the business optimization plan? - Management discussed the substantial investment in technology and analytics to improve operations, which is expected to drive significant productivity gains [59][63] Question: What is the outlook for maintenance CapEx over the next couple of years? - Management expects maintenance CapEx to decrease to around $3.4 billion by 2027 due to ongoing optimization efforts [112][113] Question: Which asset has more flexibility to slow down if needed? - Management indicated that the Powder River Basin, while challenging, has significant upside potential and may be prioritized for continued investment [120]